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Income Tax Return

10 December 2020

In case an individual has turnover of 2.5 crore but his receipts does not exceed 5% of total receipts and payment does not exceed 5 % of total payment, here we need to submit only ITR-3.

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5 Replies

sabyasachi mukherjee (27574 Points)
Replied 10 December 2020

ELABORATE

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Anmol Singla (808 Points)
Replied 10 December 2020

I just want to ask earlier we need to submit ITR3 and audit report in case turnover exceeding prescribed limit.
but now as per new proviso of 5% receipts and payments, if that condition is satisfied, then we need to submit only itr3

Govind Srivastav (30 Points)
Replied 11 December 2020

If a person has a turnover of 2.5 crores, then we need to present ITR3 immediately in case you exceed the prescribed limit. But if the condition is met as per the new provision, then you only need to fill ITR3. I hope that I have answered your question systematically.

Anmol Singla (808 Points)
Replied 11 December 2020

Yes, I want to confirm that we need to submit only ITR 3 and dont need to submit 3CB-CD

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Govind Srivastav (30 Points)
Replied 11 December 2020

Well, thank you got the answer to your question. If you are thinking of filing ITR3, and you are looking for an expert, then you can contact LegalPillers ITR3. This is my opinion.